Commercial Building, Strip Mall & Office Building Insurance Programs
Shopping centers are a great way to bring multiple stores, cinemas and other entertainment into one space. But with all their many offerings, shopping centers also face a lot of risk — both of property damage for its outside shops and of liability for the people inside.
Exceed Insurance works with a variety of top carriers to find businessowners affordable business insurance for their shopping centers. California is full of young shoppers, and it's the perfect place to start your venture. We'll make sure your hard work is covered with a business policy tailored for your shopping center. Call us at (855) 539-2333 or fill out an online quote form to get started today.
Common Shopping Center Insurance Questions
Generally, we recommend that shopping centers carry:
- General Liability Insurance: This insurance includes a range of coverage, from premises liability and product liability to completed operations coverage. In general, this insurance provides compensation if a guest or other third party is injured on the shopping center premises or due to a product provided by the shopping center. It can help pay medical bills for injuries and possible legal fees, should a victim decide to sue.
- Property Insurance: This provides coverage for the physical assets of the shopping center and its contents. It protects against such dangers as fire, lightning, smoke and vandalism.
- Workers Compensation Insurance: For most businesses, workers compensation insurance is required by the state. This insurance provides compensation if an employee is injured on the job.
This isn't a comprehensive list. Every shopping center is different and may face unique needs due to its nature or location. Be sure to speak with an Exceed Insurance agent about your shopping center.
Individual shops should carry their own theft insurance. However, theft is typically covered under property insurance. You can also purchase employee dishonesty coverage, which covers theft by employees.
Real estate is typically not considered retail regarding a businessowners' insurance policy.
The cost of shopping insurance depends on a variety of factors, including the size of the shopping center, location and coverage amounts. On average, shopping centers pay between $77 and $159 a month for a general liability insurance policy. You may also combine some of these insurances into a single business owners policy, or BOP.
A shopping center insurance policy combines coverages tailored to the unique risks that shopping centers face.